Generally, organizations are required to adhere to compliance requirements that are set by government and various regulatory bodies. All forms of organizations are subject to compliance of a variety of forms of regulation from an assortment of regulatory bodies. However, increasing compliance requirements for an organization are leading to a tougher operating environment for the organization. Regulators are taking stronger actions against non-compliance by imposing huge penalties and causing potential loss of reputation for non-compliant party.
The inventors here have recognized several technical problems with such conventional systems, as explained below. The organizations for example, banks are seeing rising costs of compliance as a percentage of overall expenditure due to extensive reporting requirements by any regulatory body. Further, it is cumbersome for the banks to be updated with changes or additions in regulations. Such banks need to ensure regulatory compliance. As a result, such banks chose to invest in separate silos of compliance technology each time a regulation is added/modified. This produces a challenge for balancing the cost of compliance and at the same time drive revenue growth.